Summary of First REIT's Results

Note:

Actual distribution paid for FY 2017.

Statement of Comprehensive Income

Note:

NM - Not meaningful

The results for 3Q 2018 includes the full quarter contribution from Siloam Hospitals Buton & Lippo Plaza
Buton ("Buton Property") and Siloam Hospitals Yogyakarta ("SHYG") which were both acquired in 4Q 2017.

Interest income for 3Q 2018 increased to S$420,000 compared to 3Q 2017 mainly due to the returns from the
progress payments for the development of new Siloam Hospitals Surabaya.

Finance cost for 3Q 2018 increased to S$5.5 million compared to 3Q 2017 mainly due to higher loan amounts
drawn down to finance the acquisition of Buton Property and SHYG in 4Q 2017 and the second progress payment
for development of new Siloam Hospitals Surabaya in 3Q 2017 as well as write off of unamortised loan related
costs due to refinancing of bank loans.

Other expenses for 3Q 2018 increased to S$470,000 compared to 3Q 2017 mainly due to unrealised exchange
loss on USD loan.

Income tax expense for 3Q 2018 increased to S$4.7 million compared to 3Q 2017 mainly due to higher revenue.

Statements of Financial Position

Note:

Trade and other receivables increased from S$26.0 million to S$49.3 million mainly due to advance rental
receivables from tenants. On 15 October 2018, the Trust has received rental payments amounting to S$17.5
million from tenants.

Other financial liabilities, current and non-current increased from S$476.4 million to S$495.4 million mainly due
to higher loan amounts for working capital and capital expenditure requirements.

Review of the performance

3Q 2018 vs 3Q 2017

The results for this quarter includes the full quarter contribution from Siloam Hospitals Buton & Lippo
Plaza Buton ("Buton Property") and Siloam Hospitals Yogyakarta ("SHYG") which were both acquired in
4Q 2017 respectively.

Gross revenue for 3Q 2018 increased by 5.1% to S$29.2 million compared to 3Q 2017 mainly due to
contribution from Buton Property and SHYG as well as existing properties.

Interest income for 3Q 2018 increased to S$420,000 compared to 3Q 2017 mainly due to the returns from the
progress payments for the development of new Siloam Hospitals Surabaya.

Manager's management fees for 3Q 2018 increased by 5.6% to S$2.9 million compared to 3Q 2017 mainly due
to higher net property income and total assets.

Trustee fees for 3Q 2018 increased by 5.8% to S$109,000 compared to 3Q 2017 mainly due to higher total
assets.

Finance cost for 3Q 2018 increased to S$5.5 million compared to 3Q 2017 mainly due to higher loan amounts
drawn down to finance the acquisition of Buton property and SHYG in 4Q 2017 and the second progress
payment for development of new Siloam Hospitals Surabaya in 3Q 2017 as well as write off of unamortised loan
related costs due to refinancing of bank loans.

Other expenses for 3Q 2018 increased to S$470,000 compared to 3Q 2017 mainly due to unrealised exchange
loss on USD loan.

Income tax expense for 3Q 2018 increased to S$4.7 million compared to 3Q 2017 mainly due to higher
revenue.

9M 2018 vs 9M 2017

Gross revenue for 9M 2018 increased by 5.4% to S$86.9 million compared to 9M 2017, mainly due to
contribution from contribution from Buton Property and SHYG as well as existing properties.

Property operating expenses for 9M 2018 increased by 6.3% to S$1.0 million compared to 9M 2017, mainly due
to the higher professional expenses incurred for Indonesia properties.

Interest income for 9M 2018 increased to S$1.3 million compared to 9M 2017, mainly due to the returns from
the progress payments for the development of new Siloam Hospitals Surabaya.

Manager's management fees for 9M 2018 increased by 5.9% to S$8.6 million compared to 9M 2017 mainly due
to higher net property income and total assets.

Trustee fees for 9M 2018 increased by 6.0% to S$319,000 compared to 9M 2017 mainly due to higher total
assets.

Finance costs for 9M 2018 increased to S$15.7 million compared to 9M 2017 mainly due to higher loan
amounts drawn down to finance the acquisition of Buton Property and SHYG in 4Q 2017 and the second
progress payment for development of new Siloam Hospitals Surabaya in 3Q 2017 as well as write off of
unamortised loan related costs due to refinancing of bank loans.

Other expenses for 9M 2018 increased to S$2.1 million compared to 9M 2017 mainly due to the unrealised
exchange loss on USD loan.

Net change in fair value of derivative financial instruments for 9M 2018 relates to the termination and
revaluation of interest rate swap contracts.

Income tax expense for 9M 2018 increased to S$13.9 million compared to 9M 2017 mainly due to higher
revenue.

Commentary on the competitive conditions of the industry

The Indonesian economy registered its fastest quarterly growth in four and a half years with its gross domestic
product increasing 5.27%1 y-oy in the second quarter of 2018, beating its first quarter's growth and consensus
estimates. This was mainly driven by robust consumption during the Muslim fasting month. The Indonesian
Rupiah has continued to face selling pressures amidst rising US interest rates and fears of market contagion
from Turkey and Argentina. To counter the Rupiah depreciation, Bank Indonesia has intervened in the foreign
exchange markets, raised import taxes and also increased interest rates several times during the year, with the
latest on 27 September 2018, bringing interest rate to 5.75%2. President Joko Widodo has announced
Indonesia's growth forecast for 2019 to be 5.3%3, driven by stronger domestic consumption, investment and
exports, and supported by a stronger spending push planned for 2019.

Private healthcare demand will continue to see support from the growing nationwide adoption of the national
health insurance scheme and healthcare spending in Indonesia has been projected to rise to Rp1,224 trillion by
20274. First REIT continues to be well-positioned to benefit from this trend with its right of first refusal to Lippo
Karawaci's healthy pipeline of hospitals in Indonesia.

Subject to the completion of the proposed acquisition of Bowsprit by OUELH from Lippo Karawaci, First REIT
will also have access to OUELH's growing portfolio of healthcare and/or healthcare-related assets across Pan-
Asia.

7 August 2018, The Business Times - Indonesia Q2 growth fastest in 4.5 years; beats expectations

28 September 2018, CNBC - Indonesia hikes rates again to defend its currency, but analysts see further weakness

17 August 2018, The Business Times - Jokowi plans record spending next year